New Hampshire Mortgage Loan Originator License

This license is required for all individuals who for direct or indirect compensation or gain or in the expectation of direct or indirect compensation or gain, takes a mortgage application or offers, negotiates, solicits, arranges, or finds a mortgage loan or who assists a consumer in obtaining or applying to obtain a mortgage loan by, among other things, advising on loan terms (including rates, fees, and other costs), preparing loan packages, or collecting information on behalf of the consumer with regard to a mortgage loan or who offers or negotiates terms of a residential mortgage loan. A sole proprietor licensed as a mortgage broker, mortgage servicer, or mortgage banker shall also obtain a license as a mortgage originator prior to engaging in the activities of a mortgage originator.

Who Is Required to Have This License? This license is required for all individuals who for direct or indirect compensation or gain or in the expectation of direct or indirect compensation or gain, takes a mortgage application or offers, negotiates, solicits, arranges, or finds a mortgage loan or who assists a consumer in obtaining or applying to obtain a mortgage loan by, among other things, advising on loan terms (including rates, fees, and other costs), preparing loan packages, or collecting information on behalf of the mortgage loan. A sole proprietor licensed as a mortgage broker, mortgage banker or mortgage servicer shall also obtain a license as a mortgage originator prior to engaging in the activities of a mortgage originator. A branch manager of an office required to be licensed in New Hampshire must also be licensed as a loan originator. A loan processor or underwriter who is an independent contractor. No individual may act as an originator for more than one mortgage banker, broker or mortgage servicer. For additional questions regarding NH RSA 397-A please go to the web site at www.banking.nh.gov and click on Laws Rules and Guidance and follow the links. Temporary Authority On March 15, 2018, Congress passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which included a new provision under the SAFE Act of 2008 (The “Safe Act”). This new provision, known as Temporary Authority to Operate for Mortgage Loan Originators, preempts New Hampshire RSA 397-A:5, IV-c (b). The New Hampshire Banking Department will be operating under this new provision of the SAFE Act beginning November 24, 2019. For specific questions regarding Temporary Authority review NMLS’s Temporary Authority webpage, which may be viewed at: https://mortgage.nationwidelicensingsystem.org/slr/common/pages/temporary-authority-to-Operate.aspx Instructions It is unlawful for any individual to transact business in New Hampshire as an originator unless such individual is licensed. An individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in New Hampshire without first obtaining and maintaining annually a license. An originator’s license is only in effect when such originator is associated with a particular licensed mortgage banker or broker. New applicants are required to meet all the requirements of the S.A.F.E. Act prior to submitting a filing for a mortgage loan originator license. There is no provision for “grandfathering” of these requirements. The requirements include submission of and satisfactory review by the NH Banking Department of the items listed on the checklist below. If, in connection with an application for licensure as a mortgage loan originator, the banking department does not receive a response to an inquiry or request for further information within 60 days from the date of such inquiry or request, the department may withdraw as abandoned the application. New Hampshire Banking Department does not issue paper licenses. Pre-licensure Education: Prior to submission of the application, complete at least 20 hours of NMLS-approved pre-licensure education (PE) courses which must include 2 hours of New Hampshire content. Testing: Must satisfy one of the following three conditions: • Passing results on both the National and New Hampshire State components of the SAFE Test, or • Passing results on both the National and Stand-alone UST components of the SAFE Test, or • Passing results on the National Test Component with Uniform State Content